Loans for Bad Credit no Guarantor
Loans that do not require a guarantor are another type of unsecured loan. There is no need to request a family member or friend to co-sign the loan. People who are looking for loans for bad credit no guarantor sign with a borrower to be financially liable in the event that the borrower fails in repayment of the no guarantor loan. Therefore, if you fail to keep up repayments or make them late the repercussions are solely your responsibility.
So,What is a Poor Credit Score?
An individual is viewed to have bad or poor credit if their credit shows a history of either missing repayments or late payments. And/or they owe large amounts of money. For example:
- Your credit mix (if you have a diverse portfolio of credit accounts)
- Your income & whether you can afford what you’re applying for
- The length of time of your credit history
- How you use your credit (cash withdrawals etc)
Repaying your Loan
The repayment conditions for our no guarantor loans are fair and straightforward. The time frame for the loan to be repaid by is up to you, you can use our online loan calculator to workout affordability. It can be between one month and twelve. You’ll also view the repayable amounts in advance. This guarantees that you’re not caught off-guard by the total repayable amount. The time frame that you pick can have an effect on the interest rate of your loan, please be mindful of this.
At PM Loans, we review your affordability instead of just credit to ensure there’s the certainty that you’re able to comfortably repay the loan. Even if we’re unable to offer you a loan we’re able to signpost you to other agencies who might be able to help with your debt issues, such as the Money Advice Service as an example.